0000000000061140
AUTHOR
Jens ØRding Hansen
showing 2 related works from this author
Foreign institutional investors and dividend policy: Evidence from China
2017
Abstract This study examines whether foreign institutional investment influences firms’ dividend policies. Using data from all domestically listed nonfinancial firms in China during the period of 2003–2013, we find that foreign shareholding influences dividend decisions and vice versa. Furthermore, changes in dividend payments over time positively affect subsequent changes in foreign shareholding, but the opposite is not true. Our study indicates that foreign institutional investors do not change firms’ future dividend payments once they have made their investment choices in China. Moreover, they self-select into Chinese firms that pay high dividends. Our evidence suggests that in an instit…
Why Do U.S.-Listed Chinese Firms Go Private?
2012
The period 2010-2012 saw a dramatic increase in the number of Chinese firms listed in the United States announcing deals to delist and go private. We argue that accounting scandals and legal uncertainties involving Chinese firms in recent years may have caused outside investors to struggle to distinguish between legitimate and fraudulent firms. As a result some legitimate Chinese companies may have become undervalued, which arguably has given them a heightened incentive to go private. We examine all the companies that announced going-private deals during this period and find evidence that firms that go private tend to do so after a prolonged period of negative excess stock returns relative …